The Ministry of Finance is negotiating final terms of a debt restructuring facility to save the Tema Oil Refinery (TORY) from total collapse. The refinery is presently in deep financial crisis as a result of massive debts accumulated over years of under-recovery of petroleum prices. The debts estimated at over a billion Ghana cedis, have crippled the refinery financially to the extent that it has been unable to pay workers’ SSNIT contributions for several months. A consortium of Ecobank Development Corporation (EDC), Ecobank and Deutsche Bank tasked by government to restructure the TOR debt has presented some terms which are currently been negotiated by the Finance Ministry. The Director of Legal Services, Paul Asimenu, tells Joy Business work is almost concluded and that government has indicated it will fast track the necessary legislative and cabinet approvals so the funds could be made available for TOR to resume its proper functions again. He said government expects a package of about $300 million, adding however that documents on the package have yet to receive Cabinet and Parliamentary approval. “The objective will get TOR back on its feet to have a very robust balance sheet, going forward,” he indicated. Source: Joy Business/Myjoyonline.com/Ghana